IAIS published the November issue of its newsletter. This issue marks the 25th anniversary of IAIS and highlights that IAIS has reached an agreement on a comprehensive set of reforms designed to strengthen effective cross-border supervision of Internationally Active Insurance Groups (IAIGs) and to contribute to global financial stability. Additionally, IAIS published its 2018 annual report in which it focused intensively on supporting IAIS members to deliver its commitments to the post-crisis reform agenda. IAIS also announced the appointment of Dr. Manuela Zweimueller as Head of Supervisory Practices, with effect from January 01, 2020.
In November 2019, IAIS finalized the comprehensive review and update of IAIS Insurance Core Principles (ICPs), which are applicable to the supervision of all insurers. IAIS also adopted the Holistic Framework for the assessment and mitigation of systemic risk in the insurance sector and the Common Framework, or ComFrame, that provides the first global framework for effective and globally consistent supervision of IAIGs. IAIS agreed on the Insurance Capital Standard (ICS) Version 2.0, the quantitative element of ComFrame, for a five-year monitoring period. The assessment of implementation of supervisory material related to ComFrame and the Holistic Framework for assessing and mitigating systemic risk will be led by Dr. Zweimueller.
The newsletter also announced that the Accounting and Auditing Working Group (AAWG) is expected to meet on December 17-18 in Japan to discuss the IASB agenda, audit quality issues, jurisdictional implementation activities of IFRS 17, and Monitoring Group developments. The AAWG will also discuss partnering with other organizations to establishing forums for supervisors to discuss the implementation of IFRS 17.
Keywords: International, Insurance, Newsletter, ComFrame, Systemic Risk, ICS, ICPs, IFRS 17, ICS Version 2.0, IAIS
Across 35 years in banking, Blake has gained deep insights into the inner working of this sector. Over the last two decades, Blake has been an Operating Committee member, leading teams and executing strategies in Credit and Enterprise Risk as well as Line of Business. His focus over this time has been primarily Commercial/Corporate with particular emphasis on CRE. Blake has spent most of his career with large and mid-size banks. Blake joined Moody’s Analytics in 2021 after leading the transformation of the credit approval and reporting process at a $25 billion bank.
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.